Carbon Pulse

Standardised nature credits started to tick higher last week as the market waited for the much anticipated roll of the Xpansiv CBL N-GEO contract into new vintage eligibility years, but the voluntary carbon market overall was little changed in a week when the VCMI rolled out its claims code for corporate buying that aims to end allegations of greenwashing.

A forum established to aid British companies to better understand their impact on nature and biodiversity expects 2023 to be a pivotal year for the organisation, a senior member told Carbon Pulse, as it aims to ramp up both membership with a focus on informing firms in the country about upcoming 'net gain' legislation, the opportunities around crediting outcomes, and dealing with global nature disclosure rules.

UN Secretary General Antonio Guterres on Monday urged the global shipping sector and world leaders to keep levels of ambition high at a key UN shipping meeting this week by setting a 2050 net zero target, a 2030 target, and introduce a carbon levy.

A Japanese agritech company plans to launch the country’s first private-sector carbon registry by the end of the year, ahead of expanding to more methodologies, overseas markets from 2024.

European carbon prices were little changed as the third quarter got under way but most attention on Monday appeared to focus on the UK ETS, with prices jumping sharply after the British government published proposals to tighten the market from 2026.

Leaders in China's steel and cement sectors have accelerated their research work on emissions accounting and allowance allocation plans in preparation for the expansion of the national emissions trading scheme (ETS), amid rising pressures stemming from the introduction of the EU's carbon border tax.

A South Korean investor has signed a Memorandum of Understanding (MoU) with a provincial government in Mongolia and other participants to pave the way for projects that can generate carbon credits under Article 6 of the Paris Agreement.

Australia has published guidelines on its A$600 million ($400 mln) fund designed to provide funding to facilities covered under the reformed Safeguard Mechanism to help them decarbonise, as the mechanism itself came into effect this week.

India has published institutional responsibilities for its domestic carbon market in the national gazette, marking a significant step towards the establishment of what has the potential to be one of the world’s biggest emissions trading programmes.

The Beijing municipal government will auction 1.5 million carbon allowances under its pilot emissions trading scheme (ETS) at the beginning of August, with a price floor for the sale to be set later.

The UK government will opt for the highest suggested option for tightening its ETS cap to align with a 2050 net zero emissions trajectory, but will mitigate this by adding unallocated allowances to the market while committing to include carbon removals following further consultation.

An environmental group has urged the Australian government to hold an independent review into its Climate Active certification scheme and consider scrapping it, as it becomes increasingly out of step with international practices.

Guyana is reportedly attracting interest for the sale of the remaining 70% of its REDD+ credits, after a landmark deal with US energy company Hess.

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The Liberian government has warned the public against participating in the ‘black market’ for carbon credits.

Brazil expects to see a $9.1 billion mobilisation of clean energy investment in the country after a multilateral fund’s board on Friday endorsed a $70 million plan to support renewable power onto the grid.

South Korea and Vietnam have signed a deal to collaborate on carbon trading under Article 6 of the Paris Agreement.

Emitters trimmed their net short position in California Carbon Allowances (CCAs) while depleting their RGGI Allowance (RGA) net length this week, as financial entities did not alter their holdings to a significant degree, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

The number of entity accounts pending approval to participate in California’s WCI-linked cap-and-trade system continued to balloon during the second quarter, according to Carbon Pulse analysis of government data published Friday, as more speculators sought physical exposure to the market.